An aerial view of the newly cut Srinakarin-Rom Klao Road where Nirvana Daii Plc has acquired 273 rai along both sides of the road, on which it will develop nine projects worth a combined 28 billion baht during 2018-22.

SET-listed property firm Nirvana Daii Plc (NVD) plans to launch five new residential projects worth a combined 9 billion baht, both through its own development and joint ventures, aiming to have 5 billion in presales by the end of the year.

Chief executive Sornsak Somwattana said two of the new projects will be located on the new Srinakarin-Rom Klao Road, where the company owns a total of 273 rai.

"This new road has the potential to create immense value as it is parallel with Ramkhamhaeng Road and the motorway linking Srinakarin, Kanchanaphisek and Rom Klao roads," he said. "The road cuts past many existing communities and links to Suvarnabhumi airport."

After buying 273 rai of plots from Bangkok Land two years ago, Nirvana has continued to collect land banks along the road. The latest purchase is 130 rai that will be transferred by September this year.

Nirvana plans to develop a total of nine projects worth a combined 28 billion baht, which are scheduled to take five years to complete.

They will comprise five single house sites and two townhome projects on plots sized 40 rai each. Unit prices of single houses will be higher than 25 million baht, while townhomes of at least three storeys will be priced from 7 million baht.

A low-rise condominium project will also be developed under a family-oriented concept, offering large unit sizes.

The company will also develop a commercial site on a 16-rai plot, which will have co-working spaces, a fitness centre, retail areas and offices for rent. The project will be launched by the end of the year.

Late last month the company launched the first project on this road, Nirvana Define Srinakarin-Rama IX, located on a 19-rai site with a total of 173 three-storey townhouses worth 2 billion baht.

The project will have five phases. The 30 units in the first phase, priced 7-15 million baht, were sold out. The second phase will be launched next month.

"We don't need to accelerate sales or launch the whole project at once as we can mark up unit prices," said Mr Sornsak. "At the Rama IX site, we launched phase by phase and achieved an increase of 12% in unit prices in the last phase, compared with the first phase."

By the end of the year, it will launch a high-end three-storey single house project worth 3 billion baht on a 40-rai plot on Srinakarin-Rom Klao Road. It will have 80 units priced from 25 million baht.

At the other site, Nirvana will launch a condo project with around 1,000 units worth 3 billion baht near the MRT Purple Line's Bang Yai station, with units priced between 2-3 million baht, after receiving environmental impact assessment approval.

Nirvana will also have a 1-billion-baht joint venture with a landlord in Udon Thani to develop 30-40 single houses in the high-end segment under the Beyond brand. Unit prices will start from 20 million baht, and the project will be launched this year.

Mr Sornsak said this business model is achievable as the company has a homebuilding business after a merger with MAI-listed construction materials manufacturer and homebuilder Daii Group Plc last year.